The CFPB Debacle

President Trump was supposedly elected in part due to inflation under President Biden. Now Trump is trying to shutter the Consumer Financial Protection Bureau, which was formerly directed by my brilliant law school classmate, Richard Cordray, Chicago ‘86. The CFPB has limited the amount of bank check overdraft and credit card interest, facilitated people's ability to switch banks for more benefits, and prohibited numerous other fraudulent business practices. It is impossible to imagine why anyone but a banker would abolish the CFPB. It is therefore also puzzling why Americans often vote against their financial interests. The book “What’s The Matter With Kansas” suggests cultural wedge issues actually get the conservative votes. Then there is the famous saying that “nobody ever lost money underestimating the intelligence of the American public.” Yet I think many Americans just vote for the "change" candidate, even if the candidate lies repeatedly. Studies also show that young people are now less fond of democracy, as if it was a buffet dish. Our electorate has simply thrown logic to the wind and we are in deep trouble.